My, what perfect timing. The same day that Disney is releasing "Oz the Great and Powerful," it's also been revealed that a sequel is in the works.

No, that sequel won't be "The Wizard of Oz." After all, there's a lot of time between the end of "Oz" and the beginning of "Wizard" to see what shenanigans Oscar Diggs and Glinda can get into. Variety writes that "Oz the Great and Powerful" co-screenwriter Mitchell Kapner has been tapped by Disney to write a sequel based on L. Frank Baum's novel "The Wonderful Wizard of Oz."

Some famous objects that fans won't see in the new movie are Dorothy's ruby red slippers that were previously worn by the Wicked Witch of the East. Warner Bros. owns the rights to those, and it remains to be seen if they'll be willing to give them up for the new movie.

Since this development is still in its early stages, it's unclear if Sam Raimi will return to direct the movie, but we shouldn't have to wait too long to find out. Variety reports that Disney is looking to get the sequel into theaters relatively quickly.

Are you glad an "Oz" sequel is already in the works? Tell us in the comments section below or on Twitter!